China will contribute an additional 100 billion yuan (about 14.5 billion US dollars) in financial support for the Belt and Road Initiative, said Chinese President Xi Jinping, who also stressed the country "will not resort to outdated¹ geopolitical maneuvering²" in pursuing the initiative.

 

中国国家主席习近平在一带一路国际合作高峰论坛上表示，中国将额外分配1000亿元人民币（大约145亿美元）作为对一带一路精神的支持，他同时强调中国“不会诉诸过时的地缘政治操控”来推动该精神的实施。

 

President Xi made the remarks while delivering a keynote speech at the opening ceremony of the Belt and Road Forum³ for International Cooperation in Beijing on Sunday.

 

The two-day forum, attended by more than 1,500 delegates from over 130 nations, including 29 foreign heads of state and government leaders, is by far the most important meeting on the Belt and Road Initiative since the Chinese President first raised the concept in 2013.

 

President Xi said China will scale up financial support for the Initiative by contributing a further 14.5 billion US dollars to the Silk Road Fund, in addition to the 40 billion US dollars pledged by the Chinese president when announcing the establishment of the fund in late 2014.

 

Backed by China's foreign exchange reserves, the China Investment Corp., the Export-Import Bank of China and China Development Bank, the fund plays an active role in providing investment and financial support for infrastructure⁴, resources, industrial cooperation, financial cooperation and connectivity-boosting projects along the Belt and Road.

 

Xi added that China will encourage financial institutions to conduct overseas RMB fund business with an estimated amount of about 300 billion yuan (about 43.5 billion US dollars).

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